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Asia to lead the LNG regasification industry in capacity growth

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Asia is expected to lead the global LNG regasification industry capacity growth from newbuild (planned and announced) projects between 2019 and 2023 with a 63% share, according to GlobalData.

The company’s report ‘Global LNG Regasification Industry Outlook to 2023 – Capacity and Capital Expenditure Outlook with Details of All Operating and Planned Regasification Terminals’ reveals that the total regasification capacity of planned and announced terminals in Asia is expected to be 11.6 trillion ft3 by 2023. Of this capacity growth, 8.2 trillion ft3 will come from early-stage announced projects and the remaining 3.4 trillion ft3 will come from planned projects that have received required approvals for development.

Soorya Tejomoortula, Oil and Gas Analyst at GlobalData, explains: “In Asia, a total of 62 planned and announced terminals are expected to start operations by 2023. Of these, two announced terminals, Matarbari in Bangladesh and Yanam in India, have the highest capacities of 548 billion ft3 and 536 billion ft3, respectively.”

The Middle East is expected to have the second highest regasification capacity growth globally, followed by Asia. The regasification capacity of the region is expected to be 2.3 trillion ft3 by 2023. Of this capacity growth, 1.4 trillion ft3 is expected to come from planned projects while 0.8 trillion ft3 capacity will be added by early-stage announced projects.

Tejomoortula concludes: “In the Middle East, two planned regasification terminals, Al-Zour in Kuwait and Bahrain Floating in Bahrain, are expected to start operations by 2023. The Al-Zour terminal is the largest planned regasification project globally with a capacity of 1.2 trillion ft3.”

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